• Collins Barrow

    Collins Barrow WCM LLP

    With offices in Carleton Place, Cobden, Morrisburg and Winchester, we serve as primary business advisers to small and midsized owner-managed businesses in the agriculture, construction, manufacturing, retail, professional services and not-for-profit sectors.

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    Infographic: The new rules of the road

    On Dec. 13, 2017, Finance Canada released Amendments to the Income Tax Act and Regulations and Explanatory Notes, simplifying measures to restrict income sprinkling. This infographic will focus on the changes to the July 18 proposals, exclusions, reasonableness test and a brief update on the status of the proposed measures related to passive investments. 

The Latest at Collins Barrow Morrisburg

  • Collins Barrow partner nominated for Business Person of the Year

    Collins Barrow partner Janet Foster recently received a nomination for the Carleton Place and District Chamber of Commerce’s Business Person of the Year Award. In her practice, Janet works extensively with owner-managed businesses, advising them on corporate and personal tax planning, accounting and compliance.

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    The pros and cons of deferred grain income

    When the federal budget was announced last March, many missed the announcement of a consultation program exploring whether or not the Canadian government should continue allowing farmers to defer grain income. Part of the government’s efforts to promote a fair tax system, this program gave everyone affected by this issue an opportunity to provide input. There are several credible arguments for and against deferred grain income, but these are the most widespread and persuasive positions.

    Restricted Farm Losses Bulletin

    Unsure if you can deduct your farm losses? The rules have changed! When farm losses are incurred by a taxpayer, they may be non-deductible, restricted or fully deductible depending on what class the taxpayer falls under based on the farming activities performed during the year.
  • Collins Barrow WCM LLP announces new Managing Partner

    Winchester, ON – Collins Barrow WCM LLP recently appointed Kathy Byvelds as Managing Partner. A partner at the firm’s Winchester office since 2004, Kathy brings a wealth of experience to the role. While her practice has focused on tax advisory, she also has expertise in entrepreneurial services and succession planning.
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    Collins Barrow - Guelph Wellington Dufferin supports local hospital

    Guelph, ON – Collins Barrow - Guelph Wellington Dufferin is proud to announce its support of the Groves Hospital Foundation. In recognition of the foundation’s notable impact on the community, the firm has donated a total of $50,000 to a fundraising project for the Groves Memorial Community Hospital, initially pledging $25,000 to the redevelopment campaign and a subsequent $25,000 to the New Groves Hospital Project. 

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    Tax reporting has changed for principal residence sales

    If you sell property, you are required to report the sale in your tax return. However, if the property you sell is your principal residence, the gain you realize on the sale is not taxable, as there is an exemption on the gain realized on a principal residence. In the past, Canada Revenue Agency’s administrative policy was that you did not have to include the sale in your tax return if the property was your principal residence for all years it was owned. This policy changed in 2016, and CRA now requires everyone to report the sale in their tax return. While the sale of a principal residence is still tax free, there is a penalty if you fail to report the sale.